Market Bankshares First Union Corp. has agreed to buy StellarOne Corp. for approximately 445 million $ in stock, one of the most important offers Bank this year. The combination of Union first, based in Richmond, Virginia and StellarOne, of Charlottesville, VA., will create the largest bank of community based in Virginia by deposits.
The agreement highlights the plight of thousands of community banks, struggling to grow on their own amid low interest rates, the warm loan application and increase in regulatory costs. "Our scale will outshine competitors in the State," G. William Beale, Chief Executive of First Union, told investors during a conference call, referring to community banks based...